Few tenants will think of taking out their own insurance policy when renting a property, with the majority harbouring the mistaken belief that whatever cover their landlord has taken out will provide them ample protection.

However, while comprehensive landlords insurance will guarantee that the person who is letting your property is fully covered - enjoying the full range of contents and buildings insurance - the same will not apply to any possessions you bring into their property.

In rented properties, contents insurance will typically only extend to furnishings and other staple features that form the bare essentials of the flat - definitively excluding any expensive possessions such as laptops and designer clothes that you bring with you during your stay.

But in addition to the lack of contents insurance that many unprotected tenants are blighted by, insurance experts say many of the legal concerns that prompt landlords to cover themselves also have parallels for their rent-paying counterparts.

While most buy-to-let investors are aware of the need to take out specialist insurance that will protect against legal liability from accidents that occur within their properties, few tenants seem to grasp that they too are exposed to potential litigation.

Accidents in your flat can result in irreparable damage not just to your own property but also to that belonging to other people - namely your flatmates and landlord. While these will typically be on the level of stained carpets or burnt furniture, they can potentially be severe enough to invite legal action - making a comprehensive tenants insurance policy an absolute must.

In addition to covering legal expenses, there are also a number of niche applications of this kind of cover that make it particularly worthwhile for tenants.

The most obvious of these is protection of your deposit, which will safeguard the month's rent that you paid in advance should your landlord decide to unfairly withhold it. Similarly, in the event that your landlord takes inadequate contingency measures such as supplying you with access to 24-hour plumbing and electrical support, adding a home emergency cover option to your policy can give you peace of mind.

Numerous other stipulations can also be made when you take out your tenants insurance policy - and prior to agreeing on a policy you should always ensure you thoroughly check the small-print.

Be sure to specify an accurate estimate of the value of your possessions - anything up to £40,000 for most policies - and also consider whether you need protection for such things as possessions held in garages and outbuildings. Many policies can also be shared between up to six people, so discuss insurance with your flatmates if you want to secure the best bargain.

Most crucially of all, before you decide on a specific policy make sure you speak to your landlord. Otherwise you run the risk of throwing money away by insuring something that is already protected by their cover.